California State Teachers Retirement System Sells 4,536 Shares of Qorvo, Inc. (NASDAQ:QRVO)

California State Teachers Retirement System cut its position in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 3.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 133,569 shares of the semiconductor company's stock after selling 4,536 shares during the period. California State Teachers Retirement System owned 0.14% of Qorvo worth $9,340,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Rakuten Securities Inc. bought a new stake in Qorvo in the 4th quarter worth about $28,000. Huntington National Bank grew its stake in Qorvo by 47.1% in the 4th quarter. Huntington National Bank now owns 453 shares of the semiconductor company's stock valued at $32,000 after purchasing an additional 145 shares during the period. SBI Securities Co. Ltd. purchased a new stake in shares of Qorvo during the 4th quarter valued at $37,000. Venturi Wealth Management LLC raised its stake in shares of Qorvo by 67.4% during the 4th quarter. Venturi Wealth Management LLC now owns 621 shares of the semiconductor company's stock worth $43,000 after purchasing an additional 250 shares during the period. Finally, CENTRAL TRUST Co boosted its holdings in shares of Qorvo by 2,621.4% in the 4th quarter. CENTRAL TRUST Co now owns 762 shares of the semiconductor company's stock worth $53,000 after buying an additional 734 shares during the last quarter. Institutional investors own 88.57% of the company's stock.

Wall Street Analyst Weigh In

QRVO has been the topic of several research reports. TD Cowen lowered their price objective on shares of Qorvo from $90.00 to $80.00 and set a "hold" rating on the stock in a research report on Wednesday, April 30th. Barclays raised their price target on shares of Qorvo from $60.00 to $70.00 and gave the stock an "equal weight" rating in a research note on Wednesday, April 30th. Needham & Company LLC reduced their price objective on Qorvo from $100.00 to $90.00 and set a "buy" rating for the company in a report on Wednesday, April 30th. Stifel Nicolaus set a $75.00 target price on Qorvo in a research report on Monday, April 28th. Finally, Benchmark upgraded Qorvo from a "hold" rating to a "buy" rating and set a $95.00 target price on the stock in a research note on Wednesday, April 30th. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, Qorvo has an average rating of "Hold" and a consensus target price of $91.21.

Qorvo Price Performance

Shares of QRVO stock traded up $0.37 during trading hours on Wednesday, reaching $79.63. The stock had a trading volume of 976,164 shares, compared to its average volume of 2,215,971. The stock's fifty day simple moving average is $68.08 and its 200 day simple moving average is $71.89. The firm has a market capitalization of $7.41 billion, a PE ratio of 284.39, a PEG ratio of 15.57 and a beta of 1.38. Qorvo, Inc. has a 12 month low of $49.46 and a 12 month high of $130.99. The company has a current ratio of 2.60, a quick ratio of 1.78 and a debt-to-equity ratio of 0.46.

Qorvo (NASDAQ:QRVO - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The semiconductor company reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.42. Qorvo had a return on equity of 12.41% and a net margin of 0.71%. The firm had revenue of $869.47 million for the quarter, compared to analysts' expectations of $850.13 million. During the same quarter last year, the firm posted $1.39 EPS. The company's revenue was down 7.6% compared to the same quarter last year. On average, equities research analysts predict that Qorvo, Inc. will post 4.09 EPS for the current year.

Insider Activity

In other news, Director John R. Harding sold 1,450 shares of the company's stock in a transaction dated Wednesday, May 7th. The stock was sold at an average price of $70.09, for a total value of $101,630.50. Following the completion of the transaction, the director now directly owns 7,597 shares in the company, valued at approximately $532,473.73. This represents a 16.03% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.46% of the company's stock.

Qorvo Company Profile

Qorvo, Inc engages in development and commercialization of technologies and products for wireless, wired, and power markets. It operates through three segments: High Performance Analog (HPA), Connectivity and Sensors Group (CSG), and Advanced Cellular Group (ACG). The HPA segment supplies radio frequency and power management solutions for automotive, defense and aerospace, cellular infrastructure, broadband, and other markets.